Stock market rises despite tepid bank resultsDow +558.99 at 23949.76, Nasdaq +323.32 at 8515.74, S&P +84.43 at 2846.06 Stocks rose in spite of the fact that both JPMorgan (JPM) and Wells Fargo (WFC) shares slid after those two kicked off bank earnings reporting season. Tech names, including Apple (AAPL), Netflix (NFLX) and Amazon (AMZN), were big contributors to the broader rally and helped power the Nasdaq to outperform the other major averages, though all three had strong a day.[BRIEFING.COM] It was a good day for the stock market on Tuesday, as investors expressed optimism in an economic recovery despite the uncertainty signaled by some of the nation's most influential banks. The Nasdaq Composite rose 4.0%, pulling ahead of the S&P 500 (+3.1%), Dow Jones Industrial Average (+2.4%), and Russell 2000 (+2.1%), for its fourth straight advance. JPMorgan Chase ($JPM 95.50, -2.69, -2.7%) and Wells Fargo ($WFC 30.18, -1.25, -4.0%) kicked off the Q1 earnings reporting season with underwhelming quarterly results, but more relevantly, they stirred some concern by substantially increasing their provisions for credit losses. The latter represented the challenges the companies are preparing for given the unprecedented circumstances. The stock market wasn't concerned with uncertainty today, though, as it remained comforted in the notion that the economy will strategically reopen through a coordinated plan from federal and state officials. In addition, better-than-feared trade data for March out of China may have also aided investor sentiment. The S&P 500 consumer discretionary (+4.2%) and information technology (+4.2%) sectors outperformed on the back of strong gains from Amazon ($AMZN 2283.32, +114.45, +5.3%), Apple ($AAPL 287.05, +13.80, +5.1%), and Microsoft ($MSFT 173.70, +8.19, +5.0%). The health care sector (+3.3%) was led higher by Johnson & Johnson ($JNJ 146.03, +6.26, +4.5%) following its quarterly results. It appeared, then, that only the financials (+0.3%) and energy (-0.5%) sectors today reflected underlying concerns many investors still have with the economy. The energy space was specifically pressured by a 10% drop in oil prices ($20.22/BBL, -$2.20, -9.8%), as the industry remained burdened by the lack of meaningful oil demand despite the upcoming production cuts. U.S. Treasuries held firm despite the bullish price action in the stock market. The 2-yr yield declined one basis point to 0.22%, and the 10-yr yield was unchanged at 0.75%. The U.S. Dollar Index declined 0.5% to 98.85. Tuesday's economic data was limited to Import and Export Prices for March: import prices declined 2.3%, while prices, excluding oil, were unchanged. Export prices declined 1.6% in March, and prices, excluding agriculture, declined 1.5%. Looking ahead, investors will receive a deluge of reports on Wednesday: Retail Sales for March, Industry Production and Capitalization Utilization for March, the Empire State Manufacturing Index for April, the NAHB Housing Market Index for April, the weekly MBA Mortgage Applications Index, Business Inventories for February, and Net Long-Term TIC Flows for February. Nasdaq Composite -5.1% YTDS&P 500 -11.9% YTDDow Jones Industrial Average -16.1% YTDRussell 2000 -25.8% YTD Market Snapshot Dow23949.76+558.99(2.39%)Nasdaq8515.74+323.32(3.95%)SP 5002846.06+84.43(3.06%)10-yr Note +24/320.747NYSEAdv 2195 Dec 726 Vol 1.2 blnNasdaqAdv 2278 Dec 942 Vol 3.7 bln Industry Watch Strong: Consumer Discretionary, Information TechnologyWeak: Financials, Energy Moving the Market -- Stock market closes firmly higher amid a positive sentiment regarding an economic recovery-- JPMorgan Chase (JPM) and Wells Fargo (WFC) substantially increase provisions for credit losses, shares fall-- Strength in mega-cap technology stocks-- Oil prices drop 10% amid persistent demand problemsECONOMIC EVENTS: In U.S. data, import prices dropped 2.3% in March as export prices declined 1.6% amid weakness from the coronavirus containment measures and the oil price war. Meanwhile, China’s trade data for March was a bit better than expected, as exports fell 6.6%, versus a forecast for a slide of close to 14%, and imports dropped 0.9%, versus an expected decline of nearly 10%. In its latest World Economic Outlook report, the International Monetary Fund states that as a result of the COVID-19 pandemic, along with the "necessary protection measures," the global economy is projected to contract sharply by 3% in 2020, which it noted is much worse than during the 2008-09 financial crisis. In pandemic news, New York Governor Andrew Cuomo reported 778 coronavirus-related deaths in the state versus 671 yesterday. Cuomo noted that the number is "basically flat at a devastating level." TOP NEWS: Earnings season kicked off today with two of the biggest U.S. banks reporting quarterly results. JPMorgan ($JPM) shares closed 2.8% lower after the company's Q1 earnings and revenue came out lower than Wall Street expected. The bank also said it was necessary to build credit reserves of $6.8B, resulting in total credit costs of $8.3B for the quarter, "given the likelihood of a fairly severe recession." Of note, CEO Jamie Dimon said that the lender remains "well capitalized and highly liquid" amid the COVID-19 crisis, though the bank noted on its quarterly call that it saw a rapid decline in card spending in March during the pandemic. Meanwhile, shares of Wells Fargo finished 4% lower after the bank reported downbeat results for Q1, with CEO Charlie Scharf noting that credit card spending fell 15% in March and that the company has temporarily closed a quarter of its branches amid the pandemic. Wells Fargo also withdrew its net interest income guidance for 2020. In other earnings news, Johnson & Johnson ($JNJ) shares rallied 4.3% after the company reported better than expected Q1 results and raised its quarterly dividend. Of note, J&J also cut its operational sales and adjusted earnings guidance for fiscal 2020, saying that the impact of COVID-19 is included in the new outlook. Shares of Roku ($ROKU) rose 10.3% after the company provided an upbeat Q1 revenue outlook, saying that late in the quarter the company started to see the effects of large numbers of people "sheltering at home," which resulted in an acceleration in new account growth and an increase in home content viewing. Roku also withdrew its 2020 outlook due to uncertainties surrounding COVID-19. Additionally, WWE ($WWE) shares gained 2.3% after CNBC reported that Florida Governor Ron DeSantis determined that the wrestling entertainment company is an essential business and can continue operating during the COVID-19 crisis. MAJOR MOVERS: Among the noteworthy gainers was Tesla ($TSLA), which jumped 9%, adding to the stock's recent rally, after Credit Suisse analyst Dan Levy upgraded shares to Neutral. Also higher was Meridian Bioscience ($VIVO), which gained 11.7% after it offered SARS-CoV-2 antigens for COVID-19 antibody tests. Among the notable losers was LendingClub ($LC), which slid 6% after Maxim analyst Michael Diana downgraded the stock to Hold from Buy, saying that it is an especially vulnerable lender amid the COVID-19 pandemic given its focus on non-prime consumers. Also lower was CorEnergy ($CORR), which fell 45% after announcing that Cox Oil has provided notification of its intent to suspend payment of rent and announcing its intention to cut its dividend by 93%.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. 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